203k Full Process

The 203k Process is approached from the FULL PROCESS or STREAMLINE PROCESS perspective.

Full Process

1. Feasibility Study is an overview of repairs as it relates to FHA/local building department and homeowner requests.
   1. Ensure project falls within budget.
   2. This study is provided by a licensed and approved 203 consultant.
2. Specifications of Repairs (SOR) are a detailed scope of repairs as it relates to FHA/local building department/homeowner requests.
   1. SOR should include all required and desired work.
   2. SOR to be used as a cost guideline during contractor review.
   3. SOR is provided by 203k consultant.
3. Prior to Close
   1. Contact contractor 1-2 weeks prior to close.
   2. Establish construction schedule.
4. Property Close
   1. Contact contractor 1-2 weeks prior to close
   2. Establish construction schedule
5. Construction Process
   1. Finalize finishes/product selection
   2. Permitting
   3. Renovation/Addition
   4. Draw inspections (by 203k consultant)
6. Completion/Closeout
   1. Provide all warranties
   2. Final draw inspection (by 203k consultant)
   3. Retention payment 4-6 weeks after close